Los Angeles Seeks Changes at Banks After Wells Fargo Scandal

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  • Councilman introduces measure on responsible banking practices
  • Sales targets viewed as fueling creation of bogus accounts

Los Angeles Councilman Paul Koretz is introducing legislation that would require banks working with the second-largest U.S. city to adhere to responsible practices such as barring sales goals, which have been criticized for leading to the bogus account scandal at Wells Fargo & Co.

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